Key regions: United Kingdom, United States, India, Canada, China
The Fish & Seafood market in Eastern Asia is seeing minimal growth due to factors such as declining fish stocks, strict regulations, and rising consumer preferences for plant-based diets. However, the market is still driven by convenience, health awareness, and increasing adoption of technology in the Fresh Fish, Fresh Seafood, and Processed Fish & Seafood sub-markets.
Customer preferences: As health and wellness trends continue to gain traction in Eastern Asia, consumers are increasingly prioritizing sustainability and ethical sourcing in their seafood choices. This has led to a growing demand for sustainably caught and farmed fish, as well as certifications such as MSC and ASC. Additionally, the rise of plant-based diets and flexitarianism in the region has also influenced seafood consumption, with more consumers opting for alternative protein sources such as tofu and seaweed-based products.
Trends in the market: In Eastern Asia, the Fish & Seafood market is experiencing a rise in demand for sustainable and ethically-sourced products. This trend is driven by increasing consumer awareness and concern for the environment and animal welfare. As a result, there is a growing market for certified sustainable seafood and seafood traceability technology. This trend is expected to continue, with potential implications for industry stakeholders such as seafood producers and retailers who may need to adjust their sourcing and marketing strategies to meet this demand.
Local special circumstances: In Eastern Asia, the Fish & Seafood Market is heavily influenced by the region's abundant water resources and strong cultural ties to seafood consumption. Additionally, strict regulations on fishing practices and food safety standards have led to a highly regulated and sustainable market. In countries like Japan and South Korea, high demand for premium seafood products has resulted in a thriving luxury seafood market. In China, increasing disposable income and changing dietary preferences have led to a growing demand for imported seafood, creating opportunities for international suppliers.
Underlying macroeconomic factors: The Fish & Seafood Market in Eastern Asia is heavily impacted by macroeconomic factors such as national economic health, global economic trends, fiscal policies, and other financial indicators. For instance, countries with strong economic growth and favorable regulatory environments are experiencing higher demand for fish and seafood products. Additionally, the increasing prevalence of health-conscious consumers and the rising demand for protein-rich diets are driving the growth of the market in this region. Moreover, investments in sustainable fishing practices and technological advancements in aquaculture are also influencing market performance. These factors are expected to continue driving the growth of the Fish & Seafood Market in Eastern Asia in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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